P&C giants lead wave of insurance coverage layoffs in 2023

The US insurance coverage business witnessed a major wave of layoffs in 2023, with property and casualty (P&C) carriers finishing up the majority of those employment cuts.

Based on evaluation by S&P International Market Intelligence, the P&C sector noticed a discount of a minimum of 6,800 jobs.

In an announcement shared with S&P International, an organization spokesperson stated the transfer was executed to streamline operations and introduce progressive measures to assist Farmers company house owners and workers.

CEO Todd Combs had stated the cuts had been executed “to higher place ourselves for long-term profitability and development, and after an intensive analysis throughout all strains of enterprise.”

“This may permit us to grow to be extra dynamic, agile, and streamline our processes whereas nonetheless serving our clients,” Combs beforehand advised workers members in a company-wide e-mail.

Liberty Mutual and USAA are additionally among the many P&C insurers to execute layoffs in 2023. Nevertheless, their numbers had been on a smaller scale in comparison with each Farmers and GEICO.

Based on S&P International, Liberty Mutual laid off round 1,200 staff, whereas USAA had minimize 300 staff from its workforce.

Different notable layoffs within the business included these introduced by private strains insurtech Hippo and specialty MGA Hagerty.

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